Cyberabad EOW Files Case Against Three Realtors for ₹177 Crore Real Estate Fraud
Authorities in Cyberabad have registered a criminal case against three realtors for a ₹177 crore fraud. The suspects are accused of misappropriating partnership assets, diverting funds, and performing illegal property registrations across several major residential development projects in the region.
Highlights
- •Cyberabad EOW is investigating a ₹177 crore real estate fraud involving three primary suspects.
- •The accused allegedly misappropriated partnership funds and performed illegal property registrations worth crores.
- •Multiple residential projects in Sangareddy and surrounding areas were impacted by the financial irregularities.
- •The case is officially registered under BNS sections regarding criminal breach of trust and cheating.
The Cyberabad Economic Offences Wing (EOW) has initiated a formal investigation into a massive real estate fraud case involving approximately ₹177 crore. Authorities have registered a criminal case against three individuals for the alleged misappropriation of partnership funds, unauthorized property registrations, and the systematic diversion of capital across several development projects.
Details of the Multi-Crore Real Estate Fraud
According to the official complaint, the accused have been identified as Neeli Srinivas Babu, his spouse Neeli Lavanya Sree, and a businessman named Julakanti Madhusudhan Reddy. The legal conflict stems from a partnership firm, Sri Aditya Squares Ornate, which was established in 2017 with an equal stake to spearhead various property developments. The complainant alleges that Neeli Srinivas Babu exerted exclusive control over the firm’s banking operations, investor relations, and financial accounting throughout the partnership.
The firm reportedly acquired over three acres of land in Pati village, situated in the Sangareddy district, at a cost of roughly ₹40 crore. This land was utilized to launch a residential development featuring nearly 300 flats, which had received the necessary HMDA and RERA approvals. Additionally, another entity known as Sri Squares Infra Pvt Ltd was involved in other projects, including the Green Tech phases in Kistareddypet and the Golden Exotica project in Kadthal.
Allegations of Financial Misconduct and Asset Misappropriation
The complainant claims that due to Neeli Srinivas Babu's withdrawal from active project duties, they were compelled to inject personal capital and secure private financing to keep operations afloat. Further investigations highlight allegations that 80,000 sq ft of property, valued at ₹54 crore, was transferred to Neeli Lavanya Sree without any financial consideration being paid to the partnership firm. Furthermore, an additional 45,000 sq ft was allegedly registered in the name of Julakanti Madhusudhan Reddy and his family, which the complainant asserts was outside of any agreed-upon settlement terms.
The FIR further suggests that substantial partnership funds were illicitly diverted to external entities and the personal bank accounts of family members and associates. Despite repeated demands for financial audits, these requests were reportedly disregarded. The investigation, which was initially handled by the Madhapur police, has been transferred to the EOW. The case is currently being processed under BNS Sections 318(4) and 316(5), read alongside Section 3(5). Law enforcement authorities are continuing their inquiry into the real estate fraud to recover the misappropriated assets.
